Comparative balance sheet data for Tanzanite Imporium follow. In addition, new equipment was purchased for $60,000, payment consisting of $40,000 cash and a long-term note for $20,000. The short-term note payable was arranged with a supplier to finance inventory purchases on credit. Cash dividends of $15,000 were paid in 2011; all other changes to retained earnings were caused by the net income for 2011, which amounted to $92,200.

Instructions:
Prepare a statement of cash flows for the year ended December 31, 2011, using the indirectmethod.

Dec. 31, 2011 Dec. 31, 2010 Cash and cash equivalents Inventory Property, plant, and equipment plant, and equipment 0 Short-term notes payable Accounts payable 120,000 Common stock, $l par Additional paid-in capital Retained earnings Total liabilities and stockholders' equity